Understanding Key IFRS Accounting Standards

 Workshop Overview 

• This one-day workshop will provide participants with an overview (and update) on the most important IAS/IFRS Accounting Standards that accountants need to know in the preparation of the external financial statements. 
• The course will cover a variety of accounting standards dealing with the presentation of financial statements, assets, liabilities, revenue, financial instruments as well as several accounting standards dealing with disclosures. 
• The course will specifically cover the new accounting standards that are due to come into effect on 30 June 2019 and 30 June 2020 respectively, including the new IFRS 9 Financial Instruments, IFRS 15 IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
• The workshop will include a range of practical and extracts from both Australian and Solomon Island listed companies financial statements illustrating the impact of the relevant accounting standards. 
• Participants will be provided with a variety of activities to complete, including true/false, multiple choice questions and activities. As such, the workshop will be highly interactive and aims to keep participants engaged. 

Key Topics 

Background to the Move to IFRS

Accounting Standards Dealing with the Presentation of Financial Statements

• IAS 1 Presentation of Financial Statements
• IAS 7 Statement of Cash Flows
• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Accounting Standards Dealing with Assets

• IAS 2 Inventories
• IAS 16 Property, Plant and Equipment
• IAS 38 Intangible Assets
• IAS 36 Impairment of Assets

Accounting Standards Dealing with Valuation and Revenue

• IFRS 13 Fair Value Measurement
• IFRS 15 Revenue from Contracts with Customers

Accounting Standards Dealing with Liabilities

• IFRS 16 Leases
• IAS 19 Employee Benefits
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Accounting Standards Dealing with Disclosures

• IFRS 9 Financial Instruments
• IAS 10 Events Occurring after Reporting Date

Learning Outcomes 

• Identify the major accounting principles and disclosure requirements of a number of important IAS/IFRS Accounting Standards
• Apply the principles learned throughout the course in a practical setting in the context of the preparation of financial statements
• Understand the implications of a range of new IFRS Accounting Standards (including IFRS 9, IFRS 15 and IFRS 16) on the preparation of financial statements for the years ended 30 June 2019 and 30 June 2020
• Calculate relevant amounts for inclusion in the financial statements, in accordance with IAS/IFRS Accounting Standards